Re: Is ACS a collection agency?

There is an ACS that is a loan servicing company and also a small collection agency out of Alabama. But I think you are referring to the loan servicer, as the other one is not national and usually doesn't get out much

i just want to make sure it's ok my loans are with them....i heard they were a collection agency for student loans.

also...when i apply to credit and speak with someone over the phone...they say that my loans are tagged as "paid through insurer"

If I am not mistaken, SunTrust is a bank and they may be the ones who guaranteed your loan or bought it or somehow hold the title to it. ACS is the servicer, they handle the contact with the student, make sure payments are made, handle interest and forwarding of the funds to the owner of the loan after taking their management fees. Like Sallie Mae, they don't own the loans, they service them and they make money from it but the funds might belong to any bank that guaranteed the funds, Well's Fargo, Key Bank, Citibank and so on. Now remember sometimes your loans may exchange hands because the bank sells them or goes out of business and those initials may seem werid and not make sense but as long as YOU have not defaulted, don't worry about it, it happens. I have had many student loans and they have exchanged hands many times.

Re: Is ACS a collection agency?

thanks for explaining that....makes total sense.....did not know that these banks outsourced their office work!

thanks again!

The money comes from the banks but the paperwork is managed by an agency. These angencies often handle loans for multiple source banks. Its common to have someone like Sallie Mae that has your loan, actually to go out and solicit more of your loans from another provider just to get it under one roof and see if they can make more money on it. Anyway, glad you got what you needed.

Re: Is ACS a collection agency?

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